SANTA BARBARA, CALIF., Oct. 21, 2009 – Yardi Systems, a leading developer of real estate investment and property management software, announced today that medical property development firm Pacific Medical Buildings LLC (PMB) has successfully implemented Yardi Procure-to-Pay, which combines Yardi Voyager™, Yardi PAYscan™ and SiteStuff, Inc. to provide a streamlined procurement and accounts payable process. Procure-to-Pay has helped cut by 40% the time PMB and its property management subsidiary company, PMB Real Estate Services LLC, spend processing invoices while reducing the time and costs associated with procuring the company’s maintenance, repair and operating supplies.
As a Voyager client, PMB leverages the property management and accounting database’s integrity, workflow, and automation as a foundation for the Procure-to-Pay process. The integration delivers electronic invoice processing and automated, customized approval workflow with Yardi PAYscan. By including SiteStuff, the process enables a full procure-to-pay solution, from creation of the purchase order to ordering the supplies and paying the invoice, without the need for file transfers, uploads or synchronizations.
SiteStuff, a wholly owned subsidiary of Yardi, provides commercial real estate clients, including PMB, an efficient way to order supplies via an online catalog. A purchase is initiated through SiteStuff, which sends an electronic invoice to PAYscan, which routes the invoice through an automated custom approval workflow. The process concludes with payment of the vendor by electronic funds transfer, a step that PMB anticipates implementing soon.
“Before we had this integration, we spent too much time on manual data entry and too much money sending invoices around our 10 office locations, and sometimes they got lost along the way,” said Ryan Ahlf, PMB’s controller. “Procure-to-Pay integrates with Voyager to centralize, streamline and expedite the process. Each approver can log in and see the invoice, and we can easily customize the approval workflow so each invoice goes only to the right people. As a result, we take 30-40% less time to process invoices than we used to, giving staff members more time for higher-value tasks. In addition, we saved a significant amount of money by eliminating invoice copying, storage and mailing, and by reducing invoice late fees. Procure-to-Pay’s automated process also makes us more efficient by sharply reducing opportunities for data entry errors, and it converts paper invoices from all of our vendors to electronic images.”
He added, “We recently added seven medical office buildings to our portfolio. Thanks largely to Procure-to-Pay, we needed no additional Accounting personnel to handle the increased invoice workload. SiteStuff reduces off-contract spending for supplies, increases visibility into expenses, and helps us adhere to national purchasing standards. Procure-to-Pay makes the job easier for everybody — not just Accounting, but our property managers and our Construction department as well.”
“As one of Yardi’s initial Procure-to-Pay clients, PMB has led the way in proving how property management companies can leverage Voyager’s integrated, centralized database to make procurement and invoicing more efficient and less costly,” said Terri Dowen, Yardi senior vice president of Sales.
About Pacific Medical Buildings LLC
PMB specializes exclusively in developing and managing medical office buildings, outpatient facilities and parking structures for hospitals, medical groups and universities. For more than 37 years, PMB has led the industry, with 75 healthcare facilities constructed to date throughout the Western United States. The firm owns and manages more than 44 facilities totaling approximately 3 million square feet and has 12 more facilities under development that will total approximately 1 million square feet. The total value of the firm’s development projects exceeds $250 million. The San Diego-based firm has offices in California, Nevada, Arizona, Oregon, Washington, Louisiana and Hawaii. PMB recently completed its 75th healthcare facility development project, a 190,000-square-foot facility in Pasadena, Calif. For more information, visit www.pacificmedicalbuildings.com.
About PMB Real Estate Services LLC
PMB Real Estate Services manages Pacific Medical Buildings’ 44-plus medical office buildings. Its services include asset management, tenant relations, tenant improvement construction, maintenance and repairs, property accounting, and lease negotiation. PMB RES is a wholly owned subsidiary of Pacific Medical Buildings and real estate investment trust Nationwide Health Properties (NYSE: NHP).
About Yardi
For more than 25 years, Yardi Systems has been solely committed to the design, development, and support of real estate investment management and property management software. Recognized as an industry leader, Yardi continues to develop and deliver software and services with the highest dedication to responsiveness, quality, innovation, and customer focus. Yardi Systems has offices throughout Asia, Australia, Europe and North America. More information about Yardi products and services may be found by visiting www.yardi.com.
To learn more about SiteStuff visit www.sitestuff.com.
Trade Media Contact: Joel Nelson 805.699-2040, ext. 1255